Tidewater Inc. Not Implicated in Government Sanctions

Monday, June 27, 2011

Tidewater Inc. announced that it is not affiliated with Tidewater Middle East Co. (or any of its affiliates) of Iran, which were the target of new U.S. Government sanctions announced jointly by the U.S. Treasury Department and the U.S. Department of State. The Treasury Department, in announcing the new sanctions on June 23, noted in its press release “Fact Sheet” that “The entity being designated today, Tidewater Middle East Co., is separate and distinct from Tidewater Inc., an international shipping company headquartered in the United States and listed on the New York Stock Exchange as TDW. Today’s sanctions are not imposed on Tidewater Inc.”

Similarly, the Treasury Department’s Office of Foreign Assets Control (OFAC), which administers the sanctions by adding sanctioned parties to their list of Specially Designated Nationals (SDN List), noted in its Recent Actions announcement that “There is no relationship between today’s target, Tidewater Middle East Co., and Tidewater (U.S.)...” The full text of the Treasury’s Fact Sheet and OFAC’s Recent Actions announcements are available at the following links: